Our assessment of business risk reflects BSH's large industrial size, which enables economies of scale; its leading position in the European and Chinese domestic appliance markets; and its strong brand portfolio, with a mid- to high-end price position. We also view positively the group's track record of generating high and stable operating margins, and its ability to withstand volatility in raw material costs. We believe that BSH's ability to manage pricing and product mix rests on its strong product development capabilities.